Turbotax 2024: wrong calculation of capital loss carryover

[2xuser]

The calculation of capital loss carryover is completely wrong. 

I did enter all income data and run the federal "smart check" and there are no errors.

Is Turbotax team aware of this issue ? How do we address it ?

[AnnetteB6]

Please clarify why you believe the capital loss carryover is wrong by sharing more information.  Then someone can possibly explain what is happening with your return or be able to assist you further.

[2xuser]

The investment income section in Turbotax shows $-20,631 for "stocks, mutual funds, bonds and other subsection. However, the carryover subsection gives $-1,584...

[AnnetteB6]

Unless you are looking at your actual tax forms, you cannot be sure that there is a problem with the carryover amount.  The end result of any stock/mutual fund/bond sales may be a negative number as shown on the TurboTax screen, but that negative number could be offset by other items reported on the Schedule D in such a way that some of the losses are used to offset a positive value, leaving a smaller negative number to be carried over to next year.

Take a closer look at your Schedule D to see the losses from your stock/mutual fund/bond sales and take note of possible gains reported on line 4, 5, 11, 12, and 13 which may be offset by the some of the losses. 

If you are using TurboTax Online, you can print your Schedule D after your TurboTax fee has been paid.  Or, if you are using TurboTax Desktop, click Forms at the top of the screen and look for Schedule D in the forms listed on the left side of the screen.

@2xuser 

[2xuser]

Yes, thank you for advice. Actually, I was thinking to dig into forms myself for more details.

Indeed, I found on line 13 (schedule D) a number which explains the end result for carryover loss.

However, I don't understand how the number on line 13 is obtained since it does not match the capital gain(s).

Can you help advise ? Thanks again.  

[2xuser · Accepted solution]

No need for more help.

I dug into more info regarding capital gains. The number on line 13 (schedule D) was coming from mutual funds capital gains.